Financial Fiddling...

[Solari]

Hrm, so I was thinking... my bonus rate runs out on my savings account shortly and am wondering whether it's worth just shoving a large proportion or just the lot into Premium Bonds?

Am I quite likely to do well out of say £25K worth?

The other idea I had was to get a few 0% on new purchases Credit cards, max them out and put the money on Premium Bonds or in High Interest savings... paying back the minumum each month and then the full balance on the month before the 0% deal expires, thereby profiting from winnings and/or interest.

It all sounds a bit too easy so am I missing something?

 

[Solari]

Premium Bonds is not really a great place to be investing. There are better products.

Workmates seem to be doing well out of them, and seeing as they're tax free the returns seem ok. I need to be able to pull the cash out at short notice as well so it seems a reasonable idea to me. *shrug* And yes I am a higher rate taxpayer so my savings interest gets hammered

Thanks for the CC advice peeps

 

[Solari]

Don't think you can do the credit card thing, I believe the 0% is only valid on purchases rather than withdrawing the cash on the card and putting into a savings acct.

Hrm... how about "purchasing" Premium Bonds?

 

[Solari]

I thought that with premium bonds the odds were you'd just get the same as if you put it in the bank, are you lucky?

I'm lucky if I win an argument, and am crap at Fruit Machines and the like... so in short, the answer is probably no